what are the Five circumstances are required for unqualified audit report to be issued?
Ans:
To issue an unqualified audit report, the auditor must determine that the financial statements are presented fairly, in all material respects, in accordance with the applicable financial reporting framework.
There are Five key circumstances required for an unqualified report include:
01.Consistency in Application of Accounting Policies:
The financial statements are prepared using consistent accounting policies, and any changes in policies are appropriately disclosed and justified.
02.Adequate Disclosure of Information:
There is adequate disclosure of all relevant information, including significant accounting policies, estimates, and other disclosures required by the applicable financial reporting framework.
03.Absence of Uncertainties and Going Concern Issues:
There are no material uncertainties that cast doubt on the entity's ability to continue as a going concern, and any related disclosures are appropriately made.
04.Absence of Scope Limitations:
The auditor has obtained sufficient appropriate audit evidence, and there are no significant restrictions or limitations on the scope of the audit.
05.No Identified Misstatements:
The auditor has not identified material misstatements in the financial statements, or any misstatements that were identified have been corrected or disclosed appropriately.